Number of Homes Sold Increased in Some Areas of Suburban Maryland in May 2014

June 17, 2014

Market Minute LogoThe real estate market in the Maryland suburbs of Washington, D.C., including Charles, Frederick, Montgomery and Prince George’s counties, is seeing an increase in the median sale price in some areas of the region, according to The Long & Foster Market Minute reports.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

L&F Market Minute Md Suburbs May 2014 chart

The number of homes sold in Suburban Maryland increased in some areas compared to the same month in 2013. Frederick County experienced a 9 percent increase in units sold, while Charles County experienced a 3 percent increase. Montgomery County saw a 6 percent decrease in the number of homes sold and Prince George’s County saw a 15 percent decrease.

Some areas of the Maryland suburbs experienced year-over-year increases in median sale price in May, including an 8 percent increase in Prince George’s County and a 2 percent increase in Montgomery County. Charles County experienced a small 1 percent decrease, and Frederick County saw a 5 percent decrease.

Inventory varied in the suburban Maryland market, with declines of 32 percent in Prince George’s County and 3 percent in Charles County. Montgomery County experienced a 9 percent increase, and Frederick County experienced an 18 percent increase.

Homes are continuing to sell at a steady pace in the region. Montgomery County lead the way with the shortest marketing period of 33 days. Prince George’s County saw an average days on market (DOM) of 43 days, Frederick County saw a DOM of 49 days, and Charles County saw a DOM of 81 days.

“Summer is fast approaching, yet across the Mid-Atlantic, the spring-selling season has yet to fully peak,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While median sale prices rose in many areas last month, the number of sales declined when compared to May 2013. However, homes are selling quicker than this time last year and inventory is increasing. What we’re seeing is a steadying of the market, which will position the housing industry for future growth.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

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